President Tinubu Appoints New Leadership For Nigeria Deposit Insurance Corporation.
President Bola Ahmed Tinubu has approved the appointment of Thompson Oludare Sunday as the new Managing Director (MD) of the Nigeria Deposit Insurance Corporation (NDIC), a pivotal institution tasked with safeguarding depositors and ensuring financial stability in Nigeria’s banking sector. Alongside this, the President has appointed Kabir Sabo Kataka as the Executive Director of the corporation, further strengthening its leadership.
The appointments were announced in a letter addressed to the Nigerian Senate, read by Senate President Godswill Akpabio during a plenary session on Wednesday, 28 May 2025. President Tinubu urged the Senate to consider and confirm both nominations to enhance the NDIC’s capacity to protect depositors and maintain confidence in the nation’s financial system.
The NDIC plays a critical role in Nigeria’s financial landscape, providing insurance coverage for depositors and ensuring the settlement of insured funds when deposit-taking institutions face financial distress. The appointment of Mr. Sunday, a seasoned professional, and Mr. Kataka, an experienced executive, is expected to bolster the corporation’s efforts in promoting financial stability and public trust in the banking sector.
In a statement, the Presidency highlighted that these appointments reflect President Tinubu’s commitment to appointing competent leaders to drive reforms in key financial institutions. The new appointees are anticipated to bring their expertise to bear in addressing challenges within the banking sector, including enhancing depositor protection and improving operational efficiency.
Stakeholders in the financial sector have welcomed the appointments, noting that the leadership change comes at a crucial time as Nigeria seeks to strengthen its economic resilience. The Senate has referred the nominations to the Committee on Banking, Insurance, and Other Financial Institutions for further legislative review, with a directive to report back promptly.
The appointments are seen as a step towards reinforcing the NDIC’s mandate to foster a robust and secure financial environment, benefiting millions of depositors across the country.